Gold crossed 61 thousand today

Today i.e. on 30th October, there has been a rise in the prices of gold and silver. According to the website of India Bullion and Jewelers Association (IBJA), the price of 24 carat gold in the bullion market has increased by Rs 511 to Rs 61,336 per 10 grams. Whereas the price of 18 carat gold has increased to Rs 46,002.

At the same time, silver has also increased by Rs 827 to reach Rs 71,733 per kg today. Earlier it was at Rs 70,906. According to experts, there may be a further rise in their prices in the coming days.

Gold has become costlier by more than Rs 3,600 so far in October
So far in the month of October, there has been a tremendous rise in the prices of gold and silver. So far this month, the price of gold has seen an increase of Rs 3,617. At the beginning of this month i.e. on October 1, it was at Rs 57,719 per 10 grams, which is now at Rs 60,888. Whereas silver has reached Rs 71,733 from Rs 71,603 per kg.

Major reasons for rise in gold prices

• There will be strong demand for gold in the domestic market till Diwali. Then a lot of gold will be purchased during the wedding season. This is providing support.
• The latest military conflict between Israel and Hamas amid the already ongoing Russia-Ukraine war has increased uncertainty across the world.
• The market feels that increasing interest rates in America will stop now. This is the biggest positive sign for gold.

Gold can go up to Rs 62 thousand by Diwali
Gold and silver prices are expected to continue rising in the international and domestic markets as well. Anuj Gupta, Head of Commodity and Currency, HDFC Securities, said that bond yields are decreasing in the international market and the dollar is weakening. This will continue to support gold.

Apart from this, demand for festivals will increase in the domestic market. After this the wedding season will start. In such a situation, increase in demand will affect the prices. Due to this, gold can go up to 62 thousand and silver up to 75 thousand by Diwali.